Upstream news

Despite an 18% drop in 2Q20 revenue, Santos has reported a record production of 20.6 million boe during the period, up from 18.6 million boe last year.

The maintenance work started on 23 June and ended 20 July, two days ahead of schedule.

Oil prices rose on Thursday as a weaker dollar helped oil purchases, but gains remained limited amid Covid-19 infection news and inventory build concerns.

Gjøa P1 is on track to achieve first oil two months ahead of the original plan.

Yannis Bassias, former President & CEO at Hellenic Hydrocarbon Resources Management (HHRM), talks about exploration in the Mediterranean, changes in the gas market, ultra-deepwater drilling, and explains why Greece “is not a declared gas province yet”.

Rystad analysis has suggested that oilfield service suppliers could diversify some oil and gas capabilities and replace up to 40% of 2019’s revenue by servicing the renewable markets.

The GD 250HDD pump expands Gardner Denver’s pump offerings into the wider horizontal directional drilling space for the first time.

Revenue from Baker Hughes’ oilfield services business, which accounts for about half of total sales, tumbled 26% to US$2.41 billion in 2Q20.

Saipem and Vår Energi have reached an agreement for the execution of 4 wells to be drilled in the Barents Sea and in the North Sea.

Oil prices are losing some of yesterday’s gains as API reports an unexpected stock build in US crude inventories.